Ala. Code § 27-30-18 (1975) Deposit - Amounts; Purpose; Kind

• Library: Alabama Statutes
• Edition: 2023
• Currency: Current with legislation from the 2023 Regular and Special Sessions.
• Year: 2023
• Citation: Ala. Code § 27-30-18 (1975)

(a) Each mutual aid association shall, prior to issuance of its certificate of authority, deposit and thereafter maintain on deposit with the Treasurer of the State of Alabama securities of the kind authorized under subsection (d) of this section, in the amount of not less than $5,000.00. If in any calendar year the gross premium receipts of the association from business done within this state exceed $50,000.00, the association shall, not later than the March 30 next following such calendar year, increase the amount of its deposit so made and maintained in accordance with the following schedule:

<TABLE border="1"> <TR><TD>Gross premium receipts during calendar year</TD><TD>Amount of deposit required</TD> </TR> </TABLE>

<TABLE border="1"> <TR><TD>More than</TD><TD>$50,000 but less than</TD><TD>$150,000</TD><TD>$10,000</TD> </TR> <TR><TD>Equal to</TD><TD>150,000 but less than</TD><TD>250,000</TD><TD>15,000</TD> </TR> <TR><TD>Equal to</TD><TD>250,000 but less than</TD><TD>350,000</TD><TD>20,000</TD> </TR> <TR><TD>Equal to</TD><TD>350,000 but less than</TD><TD>500,000</TD><TD>25,000</TD> </TR> <TR><TD>Equal to</TD><TD>500,000 but less than</TD><TD>750,000</TD><TD>50,000</TD> </TR> <TR><TD>Equal to</TD><TD>750,000 but less than</TD><TD>1,000,000</TD><TD>75,000</TD> </TR> <TR><TD>Equal to</TD><TD>1,000,000 or more</TD><TD>100,000</TD> </TR> </TABLE>